Your Credit Report

Know the Score – Three Steps to Better Credit

If you are looking to buy, invest in, or refinance real estate now or in the coming months, your credit is going to play a more significant role in today’s credit environment than it has in the past.  Plain and simple.  Would-be borrowers need to address any and all credit issues now to avoid having to pay for it later.

Nearly 80% of all credit reports contain errors of some kind. These errors could be enough to prevent you from obtaining a mortgage!

Step One: Get Your Report – The three main credit bureaus, Equifax, Experian, and TransUnion, are required by law to provide your with a free copy of your credit report once every 12 months.  To request your free copy (one from each company) visit AnnualCreditReport.com or call 1-877-322-8228.  These free credit reports do not include credit scores, but will show your complete credit history.

While you’re online, be sure to visit www.optoutprescreen.com as well. This will help you avoid the hassle of becoming a “trigger lead” and being bombarded with unsolicited mortgage offers, and make life a lot easier throughout the mortgage process.

Step Two: Dispute Inaccuracies - Study your credit reports and make sure everything is accurate. If you do find any discrepancies, you can legally dispute mistakes or outdated items for free.  Once notified of a mistake on your report, a credit bureau has thirty days to investigate and respond.  If the information can’t be confirmed, then the item should be removed.  If you would like more information on this process, complete this form and we will be happy to help you get started.

Step Three – Contact Your Mortgage Professional - Now that the information on your report is accurate, what if there are still some items in your credit history that you would rather forget about?  Fill out this form, and one of our experienced Mortgage Professionals can share insights into the ins and outs of credit scoring, and what might help increase your score.